P500B potential investments in the wings: PEZA urging Duterte to speed up approval of new ecozones

The Philippine Economic Zone Authority (PEZA) is asking the Office of the President (OP) to accelerate approval and proclamation of new economic zones.

Only six out of 58 applications for economic zones were released as of early this month, according to PEZA Director General Charito Plaza.

These six new economic zones include five information technology (IT) parks and centers and one horizontal economic zone in Negros region.

Plaza said potential investments for the 58 economic zones reached P500 billion, which would also include industries within these economic zones.

“We wish to have the proclamation for all [economic zones] to start building the industries,” she said, noting that the principals of these projects would like to fast track the development of these economic zones, which receive incentives from the government.

“Their principals are looking at Vietnam, to transfer to Vietnam. We will be losing these opportunities,” Plaza noted.

She said less than 10 of these economic zones applied during the Aquino administration but were not approved due to leadership transition.

The Philippine Chamber of Commerce and Industry (PCCI) has also called for the presidential proclamation of these economic zones pending in the OP, adding that this has caused concern among PEZA investors.

PCCI added that companies are also delaying their investments as they wait for their projects to be PEZA-registered.

For IT alone, data from Leechiu Property showed that some 1.63 million square meters of office spaces are still under application for PEZA nationwide. (PNA)